I'll reply as soon as I stop laughing ;) Thanks, Ray, I needed that!
Barry
On Mar 11, 2011, at 7:12 PM, Ray Harrell wrote:
I don’t know what you wusses are complaining about. There are two
jobs, for every hundred graduates in music and the arts. Cheez!
REH
From: [email protected] [mailto:[email protected]
] On Behalf Of Robert Stennett
Sent: Friday, March 11, 2011 6:31 PM
To: EDUCATION RE-DESIGNING WORK INCOME DISTRIBUTION
Subject: [Futurework] 5 Unemployed for Every Job Opening - NYTimes.com
http://economix.blogs.nytimes.com/2011/03/11/5-unemployed-for-every-job-opening/?hp
March 11, 2011, 1:22 pm
Layoffs at All-Time Low, but Still 5 Unemployed for Every Job Opening
By CATHERINE RAMPELL
3:16 p.m. | Updated to add comment from JPMorgan analyst.
There were five unemployed workers for every available job in
January, a ratio that has been virtually unchanged for several
months, according to a new report from the Bureau of Labor Statistics.
The ratio is lower than it was during the worst of the recession two
years ago — when it was nearly 7 workers per job opening — but it is
still much higher than it was prior to the Great Recession. The
trend from the last decade appears in the chart below:
Bureau of Labor Statistics, via Haver Analytics
During the recession, the source of problems in the job market was
the widespread shedding of existing employees. Today, the number of
layoffs and discharges is very low — in fact, layoffs are at their
lowest level since the Labor Department began collecting this data
in 2000. Today’s problem instead is the very slow pace of job
creation.
The number of nonfarm job openings fell again in January, by
161,000. That is the biggest monthly decline since July 2009, and
places overall job openings about 36 percent below the level when
the recession began three years ago.
“Generally speaking, all the data seem to suggest that if you
already have a job, the labor market probably doesn’t seem so bad,
but if you’re looking for a job, there’s been almost no job market
improvement over the last few years,” Michael Feroli of JPMorgan
Chase wrote in a note to clients.
Keep in mind that these figures are from January, and a more recent
Labor Department release for February showed widespread, if still
not robust, hiring.
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